US HB4680

Requires Fannie Mae and Freddie Mac to establish programs mandating that multifamily borrowers with federally backed mortgage loans request tenant consent to report positive rent payments to consumer reporting agencies

Applies to multifamily properties with 5 or more units that have loans made, insured, guaranteed, or purchased by federal agencies, HUD programs, Freddie Mac, or Fannie Mae

Allows reporting of up to 24 months of prior positive rent payment history if available and the tenant consents

Requires positive rent payment history to be considered in FHA mortgage insurance applications under Section 203 of the National Housing Act

Administrative costs for reporting are to be covered by the enterprises (Fannie Mae and Freddie Mac), with reports to Congress required every 5 years